The global krill oil market was valued at USD 235.8 million in 2020 and is expected to grow at a CAGR of 11.4% during the forecast period. Rising health awareness among consumers and the rising elderly population are key factors that drive the growth of the market.
Know more about this report: request for sample pages
The rising popularity of fish oil substitutes is propelling the krill oil market forward. Previously, fish oil was exclusively consumed on doctors’ advice, but krill oil consumption has increased in recent years due to growing awareness about the health advantages, which has boosted the krill oil market.
The surging demand for premium baby formula products will drive the growth of the market. Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA) is required for baby brain development and immunity. The growing need for supplements containing substances like DHA, EPA, and omega-3 fatty acids is predicted to boost these products’ use.
Krill oil has many health benefits in cardiovascular diseases (CVD), cancer, diabetes, hypertension, and other disorders. CVD affects more than 420 million all over the globe and is one of the leading causes of death. The number of cancer cases is also increasing across the world with 19.3 new cancer cases diagnosed in 2020. It contains high levels of omega-3 concentration.
Omega-3s are known to improve eye health, reduces inflammation in the body that helps treat skin disorders such as acne. It is also known to improve heart function by lowering blood pressure and raising the levels of good HDL cholesterol levels, reduces the risk of cancer by inducing apoptosis of abnormal cells, and also lowers the risk of developing autism, cerebral palsy and ADHD by improving the brain health during pregnancy and early life. These huge health benefits will significantly help the growth of the global market for krill oil during the forecast period.
The emergence of COVID-19 is expected to negatively impact the growth of the global market due to the disruption in the supply chain during the pandemic time. The trouble in the transportation of the raw material required for production is expected to reduce the output of the krill oil-based products.
The increasing geriatric population and chronic diseases such as cardiovascular diseases and cancer are the major driving factors behind the growth of the market during the forecast period. The increasing number of the population who are hesitant to use fish-based products like fish oil and the rising demand for healthy food supplements is further propelling the growth of the market for krill fats.
The surging population avoiding fish across the globe is another critical factor that will contribute to the growth of the global market. Many people in regions such as Europe are avoiding fish consumption resulting in the deficiency of Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA).
Deficiency of EPA and DHA are associated with various cardiovascular functions, including peripheral artery disease, inflammation, and major coronary events. Hence consumers are adopting healthy dietary supplements that are rich in fatty acids, such as krill fat. These developments augment the growth of the industry for krill fat during the forecast period.
Many new developments are taking place by industry players to maintain a competitive edge in the market. For instance, in 2020, Epion Brands launched Kori Pure Antarctic Krill Oil that contains a high concentration of Omega-3 fatty acids EPA and DHA to support heart, brain, skin, joint, eye, and immune health.
In February 2020, Neptune Wellness Solutions Inc. launched Forest Remedies and Ocean Remedies brands. Ocean Remedies contains ocean remedies krill fat and the omega 3 presented in the fat has shown to be 2.5ii times better absorbed than fish fat. This fat also contains high levels of phospholipid and a natural antioxidant, astaxanthin.
The market is primarily segmented on the basis of product, application, and region.
Know more about this report: request for sample pages
The liquid krill oil segment dominated the market and generated the highest revenue, in 2020. The growing demand for a liposomal product that is soluble in water-based and dairy products is likely to drive market expansion. Liquid products are suitable for infants and aged people as they eliminate the choking concerns associated with tablets. In addition, the surging demand for pet food is further expected to boost the segment growth.
Capsules are extensively used as they protect sensitive substances, allow for innovative ingredient combinations, ensure delivery of fat and fat-soluble nutrients, and prevent gastrointestinal irritation. Furthermore, hard gelatin capsules that are sealed, provide effective oxygen barriers. All these factors are projected to boost market demand for the segment over the forecast period.
The dietary supplements segment dominated the market and generated the highest revenue, in 2020. Krill oil has a high nutritional content, making it popular among young people. Furthermore, as people become more aware of the need of eating a healthy diet, is projected to rise the use of the product in dietary supplements. The animal feed application segment is predicted to rise significantly in the forecast timeline. Growing disposable income and increase in pet ownership has led to segment growth in the coming years.
North America dominated the market for krill oil in 2020 and is expected to be the biggest region for the global market for krill oil during the forecast period owing to the adoption of healthy food supplements among the people in the region.
The increased use of krill oil in functional food, pharmaceuticals, infant formulas, and beverage applications is expected to further drive the market in the region. In addition, rising health benefits, growing consumer interest in fitness, and the advent of new dietary supplement product forms are likely to drive the region's growth in the future years.
Asia Pacific is anticipated to be the registered highest growth rate over the study period, owing to the increasing awareness of the health benefits of krill oil among people in the region. The cultivation of krill fish in this region is expected to further favor the growth of the market in the region. Moreover, the increased use of krill oil in the pharmaceutical industry, as well as increased research and development efforts will further boost the market growth for krill oil.
Major players in the industry for krill oil are investing in R&D to study the health benefits associated with krill oil that will increase its applications in various industries. Companies are also involved in product launches and partnerships to strengthen their presence in the industry.
Some of the major players operating in the market include Aker BioMarine, Ergomax, Neptune Wellness Solutions Inc, Norwegian Fish Oil AS, Nutracode, NutriGold Inc., NWC Naturals Inc., Qingdao Kangjing Marine Biotechnology Co., LTD., Rimfrost AS, and Schiff Nutrition International, Inc.
Market size value in 2020
USD 235.8 million
Revenue forecast in 2028
USD 474.0 million
11.4% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million and CAGR from 2021 to 2028
By Product, By Application, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Aker BioMarine Ergomax, Neptune Wellness Solutions Inc, Norwegian Fish Oil AS, Nutracode, NutriGold Inc., NWC Naturals Inc., Qingdao Kangjing Marine Biotechnology Co., LTD., Rimfrost AS, Schiff Nutrition International, Inc.